2. Recording and Reporting Liabilities Excel Case Problem

Smith Corporation, Inc., is the world's largest wholesale distributor of swimming pool supplies and equipment. It is a publicly traded corporation that trades on the NASDAQ exchange. It sells these products to swimming pool repair and service businesses, swimming pool builders, and retail swimming pool stores. The majority of these customers are small, family-owned businesses. Smith Corporation completed the following transactions during 2016.The annual accounting period ends December 31, 2016. Sept 15 Purchased and paid for merchandise for resale at an invoice cost of $100,000 Oct. 1 Borrowed $800,000 from Southwest Bank for general use; signed an 11-month, 5 % interest-bearing note payable. Oct. 5 Received a $35,000 customer deposit from Joe Jones for services to be performed in the future Oct 15 Performed $18,000 of the services paid for by Mr. Jones Dec 12 Received electric bill for $12,000. Smith will pay it in early January. Dec 31 Determined wages of $50,000 earned but not yet paid on December 31st (disregard payroll taxes) Required: Submit your answers below in an Excel spreadsheet

1. Prepare journal entries for each of these transactions.

2. Prepare any adjusting entries required on December 31, 2016. It should be in excel format.

It should be in excel format